<div>In models of stock returns where investors with extrapolative beliefs on future stocks (e.g., Barberis and Shleifer (2003)), price momentum and the value premium both arise naturally. The key insight from these models is that, the strength and timing of these cross- sectional return anomalies will be conditional on the degree of extrapolative bias. More specifically, higher (lower) degree of over-extrapolation leading to stronger value premium (momentum).</div><div> Using the time-series variation in the degree of over-extrapolation documented in Cassella and Gulen (2018), I first directly test the hypothesis that both value and momentum stem from over-extrapolation in financial markets. I find that the average momentum return is 1.00% (0.10%) per month when the degree of over-extrapolation is low (high), whereas the average value premium is 0.51% (1.29%) per month following low (high) levels of over- extrapolation.</div><div> Furthermore, I extend the model in Barberis and Shleifer (2003) by having both within- equity extrapolators and across asset-class extrapolator. The extension is based on the idea that when extrapolators move capital in and out of the equity market, they disproportionately buy growth stocks in good times and sell value stocks in bad times. The model predicts that the cross-sectional value premium should be stronger following states of large market- wide over- or undervaluation due to additional extrapolative demand to buy or sell. This prediction is tested empirically and I find strong support for it. The value premium is 3.42% per month following market-wide undervaluation and 1.70% per month following market overvaluation. In the remainder 60% to 80% of the sample, when the market is neither significantly over or under-valued, there is no significant value premium in a monthly horizon and the value premium is only 0.54% per month in an annual horizon. I provide some suggestive evidence regarding portfolio return dynamics, investor expectation errors and fund flows that supports the extrapolative demand channel. Overall, this work examines more closely at the effect of extrapolative beliefs on the cross-section of asset prices and offers some support for extrapolation-based asset-pricing theories.</div><div><br></div>

The DNA content of blood cell nuclei of 15 species of cranes was determined by Feulgen-DNA cytophotometry. Genome sizes agree with values reported elsewhere for several crane species analyzed by flow cytometry. Males have more DNA per cell than females in several species. A karyotype where 2n = 80 is reported for a male greater sandhill crane.

In aroma analysis, strawberries have always been the favored fruit because of their relatively high content of typical and pleasant aroma constituents. Esters, aldehydes, alcohols and sulfur compounds have been found to be the main aroma components in strawberry. In recent years, two volatile compounds, 2,5-dimethyl-4-methoxy-3(2H)-furanone (DMF) and 2,5-dimethyl-4-hydroxy-3(2H)-furanone (DHF) were reported to contribute heavily to strawberry aroma. These two compounds have been found in all wild strawberries studied, but found only in few cultivated varieties. In this work, three kinds of cultivated strawberries were sampled and analyzed. The three strawberries all belong to the Camarosa variety. They came from different growing areas: Salinas (California), Orrville (Ohio), and Memphis (Tennessee). The volatile compounds of these three strawberries were separated by Gas Chromatography (GC), and identified by Mass Spectrometer Detector (MSD). Column and experimental conditions were optimized for this particular separation. Salinas, Orrville and Memphis strawberries have very similar aroma constituents, however, in slightly differing amounts. Several unique peaks were found in each strawberry, which may well account for the differences in the aroma qualities of the three. 2-Furaldehyde was found in both Memphis and Orrville strawberries, but not in Salinas. It is a key odor compound correlated with woody aroma and it has a low odor threshold value. These two properties make it contribute negatively to the pleasant aroma of Memphis and Orrville strawberries. A compound, 2-furanmethanol, was found only in Salinas strawberries. This compound has a faint burning aroma, however, its high odor threshold value offsets its potentially bad aroma. DMF was found in all three strawberries, but no DHF was detected in any of the three. We propose a possible explanation for the absence of DHF. Ethyl (methylthio) acetate, which is a sulfur-containing compound, was found in both Orrville and Salinas strawberries. This work is the first to report its presence in strawberries of any variety. An external standard method was employed to quantify seven main aroma components found in the strawberry extracts. Aroma values were introduced and then calculated together with sensory descriptions of these compounds. Salinas strawberry was found to have the best aroma quality of the three. These results indicate that the odors of strawberries of the same variety can be different when grown in different geographical areas. / Master of Science

After the Republic of Kosovo's declaration of independence in 2008, new municipal structures were created with the charge of monitoring the delivery of health care services; yet, no mechanism for monitoring performance was ever implemented. With the public value theory as the foundation, the purpose of this multiple case study of 3 Kosovo municipalities was to understand issues surrounding the capacity of local government health department to monitor their performance related to the delivery of services. Relevant data were collected through focus-group discussions with 10 nurses, 9 directors of family medicine centers, and 12 municipal program managers. Purposeful semistructured interviews were conducted with 3 elected officials, 3 leaders of health care services, 3 policy leaders of relevant central-level ministries, and 9 participants from the national coalition of civil society organizations. All data were transcribed and coded per thematic analysis procedures. Results indicated that integrating the threefold value system of business value, social value, and governance value into municipal work plans and policy considerations will likely create a more solution-oriented service delivery at the municipal level. Furthermore, service delivery in the 3 municipalities appears to have improved over the past 5 years because of the pressure from active citizens, increased community engagement, and the institutionalization of home visits. Positive social change implications stemming from this study include the recommendation to central and local policy makers to fully integrate performance-based reporting systems into local legislation and policies. Such efforts can result in sustainable, equitable, and inclusive development, leading to stability and prosperity in Kosovo.

This thesis presents a novel singular-value-based semi-fragile watermarking scheme for image content authentication with tampering localization. The proposed scheme first generates a secured watermark bit sequence by performing a logical "xor" operation on a content-based watermark and content-independent watermark, wherein the content-based watermark is generated by a singular-value-based watermark bit sequence that represents intrinsic algebraic image properties, and the content-independent watermark is generated by a private-key-based random watermark bit sequence. It next embeds the secure watermark in the approximation subband of each non-overlapping 4×4 block using the adaptive quantization method to generate the watermarked image. The image content authentication process starts with regenerating the secured watermark bit sequence following the same process mentioned in the secured watermark bit sequence generation. It then extracts a possibly embedded watermark using the parity of the quantization results from the probe image. Next, the authentication process constructs a binary error map, whose height and width are a quarter of those of the original image, using the absolute difference between the regenerated secured watermark and the extracted watermark. It finally computes two authentication measures (i.e., M1 and M2), with M1 measuring the overall similarity between the regenerated watermark and the extracted watermark, and M2 measuring the overall clustering level of the tampered error pixels. These two authentication measures are further seamlessly integrated in the authentication process to confirm the image content and localize any possible tampered areas. The extensive experimental results show that the proposed scheme outperforms four peer schemes and is capable of identifying intentional tampering, incidental modification, and localizing tampered regions.

The data analysis indicated that travel distance, user age, and user income level are important determinants of use of trout streams. These variables were incorporated into regression analysis to develop a use-prediction model. This use-prediction model was used to determine predicted use levels of sample streams. The predicted use levels combined with travel costs and expenditures on new fishing equipment were used to derive a statistical estimate of the demand schedules for the sample streams. These statistical demand curves were subjected to consumer surplus procedures to determine the values of the sample streams.

The flock-guidance problem enjoys a challenging structure where multiple optimization objectives are solved simultaneously. This usually necessitates different control approaches to tackle various objectives, such as guidance, collision avoidance, and cohesion. The guidance schemes, in particular, have long suffered from complex tracking-error dynamics. Furthermore, techniques that are based on linear feedback or output feedback strategies obtained at equilibrium conditions either may not hold or degrade when applied to uncertain dynamic environments. Relying on potential functions, embedded within pre-tuned fuzzy inference architectures, lacks robustness under dynamic disturbances. This thesis introduces two adaptive distributed approaches for the autonomous control of multi-agent systems. The first proposed technique has its structure based on an online fuzzy reinforcement learning Value Iteration scheme which is precise and flexible. This distributed adaptive control system simultaneously targets a number of flocking objectives; namely: 1) tracking the leader, 2) keeping a safe distance from the neighboring agents, and 3) reaching a velocity consensus among the agents. In addition to its resilience in the face of dynamic disturbances, the algorithm does not require more than the agent’s position as a feedback signal. The effectiveness of the proposed method is validated with two simulation scenarios and benchmarked against a similar technique from the literature. The second technique is in the form of an online fuzzy recursive least squares-based Policy Iteration control scheme, which employs a recursive least squares algorithm to estimate the weights in the leader tracking subsystem, as a substitute for the original reinforcement learning actor-critic scheme adopted in the first technique. The recursive least squares algorithm demonstrates a faster approximation weight convergence. The time-invariant communication graph utilized in the fuzzy reinforcement learning method is also improved with time-varying graphs, which can smoothly guide the agents to reach a speed consensus. The fuzzy recursive least squares-based technique is simulated with a few scenarios and benchmarked against the fuzzy reinforcement learning method. The scenarios are simulated in CoppeliaSim for a better visualization and more realistic results.

Thesis (M.Com. (Accounting))--University of the Witwatersrand, Faculty of Commerce, Law and Management, School of Accountancy, 2012. / The recent spate of strikes in the mining sector in South Africa has created a perceived nervousness amongst shareholders. Within the mining sector in South Africa, gold mining is of significance historically and economically. This study aims to assess the impact of strikes on shareholder value in the gold mining industry during the period beginning January 2007 and December 2012, and uses the popular event study methodology developed by Ball and Brown (1968). The effect of the announcement and duration of the strike on the share price was tested. Significant negative cumulative abnormal returns were observed during the announcement of the strike. The impact of the announcement of protected strikes compared to unprotected strikes on the share price was compared. Although both types of strikes had a negative impact on shareholder value, an unprotected strike had less of an impact on shareholder value compared to a protected strike. This observation is of particular significance given the recent increase in unprotected strikes. Strikes with a duration of 15 days or longer resulted in smaller negative cumulative abnormal returns as opposed to strikes which lasted for less than 15 days.

AN ABSTRACT OF THE DISSERTATION OF J. Edward Hackett, for the Doctor of Philosophy degree in Philosophy, presented on December 6, 2012 at Southern Illinois University Carbondale. TITLE: Scheler's Phenomenological Ontology of Value: Implications and Reflections for Ethical Theory MAJOR PROFESSOR: Dr. Kenneth W. Stikkers My dissertation provides the first comprehensive account of what values are in Max Scheler's Formalism in Ethics (Formalism hereafter). As a phenomenologist, Scheler did not attempt to invent a new ontological language to describe value experience clearly as Heidegger invented for his fundamental ontology of Dasein. In so doing, Scheler's phenomenological descriptions often use metaphysically rich language and in so doing, Scheler generates ambiguity surrounding what he most sought to make clear, value. To remedy this confusion, I argue that Scheler's concept of Aktsein can supply an ontological understanding of value given the dearth of a clear ontological explanation of value in his phenomenological period culminating in the Formalism. This inquiry is divided into three chapters. In Chapter 1, I explain the central concepts in his phenomenology of value at root in the Formalism. I both explain and reveal the central ambiguities in the Formalism. For the most part, Chapter 1 is expository and develops an interpretation of the central ambiguities in Scheler's phenomenology of value. In Chapter 2, I problematize these central ambiguities and take note of when and where phenomenology collapses into ontology. This transition can best be made clear in his Idealismus und Realismus essays where Scheler explicates the structure of being-in-an-act at the very moment he "ontologizes" phenomenology. In addition to that moment in this work, I make analogies to Heidegger's phenomenology as a way into ontology. By making specific analogies to being-in-an-act and being-in-the-world, I show how the similar ontological tendencies in Heidegger provide us with a way to regard Scheler's Aktsein. In making this analogy, I do not reduce Scheler's phenomenological ontology to Heidegger, but instead put them into dialogue with each other revealing the solution of Scheler's ontology of value is realized in the act-intentionality of love. When I draw my conclusions both from the analysis of the Idealismus und Realismus essays and Heidegger, I label Scheler's ontological account of value: participatory realism. In Chapter 3, participatory realism is, then, put into contact with philosophers from the emotivist tradition. I define the emotivist tradition to include a noncognitivist interpretation of David Hume, A. J. Ayer and C. L. Stevenson. While I could have been content to seek out a solution to this ambiguity in Scheler's work and conclude the merits of my interpretation, I am a firm believer in Scheler's position as a solution to the problem of value ontology. As such, participatory realism's uniqueness and merit are better served by putting it into contact with another decided alternative. Given that the analytic tradition had supplied emotivism as a view that connects the emotions with value-experience, it seemed only fitting that Scheler could call into question a dominant answer to value ontology and further clarify the resources Scheler brings to bear on the problem itself.

Strategic voting in valuation choice experiments violates the common modeling assumption that everyone votes for his unconditionally most preferred choice. This presents a challenge to accurate estimation of values. We provide an examination of strategic voting in a homegrown value experiment that mimics choice experiments. In this way, we can test whether “prompting” participants to think about the others’ vote affects their vote. We reject this hypothesis. We also solicit participant perceptions about the vote distribution and test whether these perceptions affect their vote. We find that they do, but that the percentage of strategic voters is small.